CAIRO: The median overnight interbank rate on the Egyptian pound rose slightly to 8.85 percent on Tuesday from 8.811 percent on Monday because of a central bank auction, traders said.

The central bank was auctioning 7-day certificates of deposit (CD) for LE 10 billion on Tuesday, which helped to push rates up slightly.

One trader said the rate rise was meager because the central bank was offering 8.72 percent in the auction, which was unattractive when compared to its corridor rate for lending at 8.75 percent.

The median overnight interbank rate had been in a range between 8.778 and 8.842 percent since Feb. 18.

Three out of eight banks contacted by Reuters reported overnight deals at range between 8.8 and 8.9 percent, compared to all deals done at 8.8 percent on Monday.

Three banks reported dealing one-week money at ranges between 8.82 and 8.9 percent.

By 1 p.m. local time, the pound had strengthened to LE 5.6981 to the dollar against Monday s closing weighted average of LE 5.70 pounds.